Ending Inventory Assignment | Top Universities

Assume that Wally World uses a perpetual LIFO inventory system. Its ending inventory consists of 13 units. Calculate the dollar value of its ending inventory. Jan 1 Beginning Inventory 10 @ $12 Jan 5 Purchase 10 @ $15 Jan 30 Purchase 10 @ $18 Feb 8 Sale 17 units Get Accounting Homework Help Today Dr. PeterTOP ACADEMIC WRITER He has decades of experience in the education … Continue reading Ending Inventory Assignment | Top Universities

Adjustment for Bad Debt Expense Assignment | Top Universities

New Microsoft Word Document Review View Help Search 1 Aabend AaBbcd AaBb 1 Normal | No Spac, Heading 1 AaBbce AaB AalbCD AaBbcDd Abcd Ad Heading Title Subtitle Subtle Em Emphasis Paragraph Styles Allowance for Doubtful Accounts has a credit balance of $956 at the end of the year (before adjustment), and an analysis of customers’ accounts indicates uncollectible receivables of $11,408. Which of the … Continue reading Adjustment for Bad Debt Expense Assignment | Top Universities

Cash Payment Assignment | Top Universities

Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other NSF check $ 90 $ 2,700 Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 #101 #102 #103 $ 700 1,500 2,200 Balance … Continue reading Cash Payment Assignment | Top Universities

Monthly Payments Assignment | Top Universities

PROBLEM #1: 20% (10%) You borrow $ 5,000.00 and repay it back in monthly payments of $ 200.00 for three years. A) What is the APR you have been charged? B) What is the effective annual interest rate you have been charged? Get Accounting Homework Help Today Dr. PeterTOP ACADEMIC WRITER He has decades of experience in the education field and has served in the … Continue reading Monthly Payments Assignment | Top Universities

Earnings per Share Assignment | Top Universities

At December 31, 2019, Blue Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,054 shares $10,805,400 Common stock, $5 par, 4,058,240 shares 20,291,200 During 2020. Blue did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $22,544,700 Discontinued operations (loss before taxes) $3,341,700 Preferred dividends declared $1,080,540 Common dividends declared $2,036,500 Effective … Continue reading Earnings per Share Assignment | Top Universities

Bank Statement for Cadieux Company Assignment | Top Universities

Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other NSF check $ 90 $ 2,700 Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 #101 #102 #103 $ 700 1,500 2,200 Balance … Continue reading Bank Statement for Cadieux Company Assignment | Top Universities

Perpetual Inventory System Assignment | Top Universities

ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 25 Purchase 10 @ $18= $180 Jan 10 Sale 11 … Continue reading Perpetual Inventory System Assignment | Top Universities

Production Processes Assignment | Top Universities

Internet Project: Production Company Plant Tour. Using the Internet, find a company that provides a virtual tour of its production processes. Document your findings by completing the following requirements. Required: Summarize each step in the production process. Which type of costing system (job or process) would you expect the company to use? Why?Get Accounting Homework Help Today Dr. PeterTOP ACADEMIC WRITER He has decades of … Continue reading Production Processes Assignment | Top Universities

Profit Margin Assignment | Top Universities

Use the following financial statements to answer 4 through 9. Income Statement Balance Sheet Sales 235100 12100 6100 13500 Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Taxes Income Taxes Net Income 3000 Accounts Receivable Cash Inventory Notes Receivable – ST Plant Assets Prepaid Expenses ST investments Total Assets 73900 2000 117500 11500 Uabilities & Equity Accounts Payable Income Taxes Payable … Continue reading Profit Margin Assignment | Top Universities

Depreciable Asset Assignment | Top Universities

An astute young engineer at Lochardier is examining the tax benefits of buying an aircraft. Since this is a depreciable asset, it will allow the company to realize a tax benefit. The aircraft will cost $750 million. The engineer remembers that aircraft are class 9 items and therefore have a CCA rate of 25%. Lochardier pays tax at a corporate rate of 40%. Get Accounting … Continue reading Depreciable Asset Assignment | Top Universities

Direct Materials, Labor Overhead Assignment | Top Universities

Calculating Cost per Equivalent Unit. The following information pertains to the Finishing department for the month of April. Direct Materials Direct Labor Overhead Total costs to be accounted for $100,000 $200,000 $300,000 Total equivalent units accounted for 10,000 units 8,000 units 8,000 units Required: Calculate the cost per equivalent unit for direct materials, direct labor, overhead, and in total. Show your calculations.Get Accounting Homework Help Today … Continue reading Direct Materials, Labor Overhead Assignment | Top Universities

Perpetual Inventory System Assignment | Top Universities

Assume that Toys Galore store-bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses a perpetual inventory system. Read the requirements. Unce all of tne transactions nave peen entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on and at the end of the period. (Enter … Continue reading Perpetual Inventory System Assignment | Top Universities

Common Stock Dividend Assignment | Top Universities

On December 31, 2017, Berclair Inc. had 520 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2018, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2018. Four million treasury shares were sold on October 1. Net … Continue reading Common Stock Dividend Assignment | Top Universities

Cash Flow Statement Assignment | Top Universities

STARBUCKS CORPORATION Ratio Analysis Ratios 2016 2017 2018 Acid test ratio 0.67 0.84 1.69 Acid Test Ratio (Cash and Cash Equivalents + Accounts Receivable + Short-Term = Investments Current Liabilities Solvency ratios: Debt to total assets Debt service coverage 59% 0.56 62% 0.48 95% 0.52 Debt to total assets Debt Service Coverage ratio = Total Liabilities/Total Assets = Cash Flow from Operations/Total Liabilities 60% 2096 … Continue reading Cash Flow Statement Assignment | Top Universities

Net Income Assignment | Top Universities

Shoshoni Corporation prepares its statement of cash flows using the indirect method. Which of the following would be added to the net income in the operating activities section of the statement? Increase in Accounts Receivable Decrease in Accounts Payable A) Yes Yes B) Yes No C) No Yes D) No No Get Accounting Homework Help Today Dr. PeterTOP ACADEMIC WRITER He has decades of experience … Continue reading Net Income Assignment | Top Universities

FIFO Inventory Costing Method Assignment | Top Universities

Assume that RB Tire Store completed the following perpetual inventory transactions for a line of tires: A (Click the icon to view the transactions.) Read the requirements. Requirement 1. Compute the cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and the cost of ending merchandise inventory using the FIFO inventory costing method. … Continue reading FIFO Inventory Costing Method Assignment | Top Universities

Contract Method Assignment | Top Universities

During 2020, Sunland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $410,000 $901,180 $1,067,000 590,000 197,820 -0- 297,000 903,000 .590,000 271,000 805,000 1,434,000 Billings to date Collections to date ✓ Your answer is correct Compute the amount of gross profit … Continue reading Contract Method Assignment | Top Universities

Financial Statements for Castile Products Assignment | Top Universities

The financial statements for Castile Products, Inc., are given below:       Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 160,000 Merchandise inventory 340,000 Prepaid expenses 8,000 Total current assets 531,000 Property and equipment, net 880,000 Total assets $ 1,411,000 Liabilities and Stockholders’ Equity Liabilities: Current liabilities $ 250,000 Bonds payable, 8% 320,000 Total liabilities 570,000 … Continue reading Financial Statements for Castile Products Assignment | Top Universities

Perpetual Inventory System Assignment | Top Universities

Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris, terms n/15. 5 Sold $9,400 of merchandise (that had cost $3,760) to customers who used their Zisa cards. Zisa charges a 3.5% fee. 6 Sold $5,764 of merchandise (that had cost $2,306) to customers who used their Access … Continue reading Perpetual Inventory System Assignment | Top Universities

Contribution Margin Ratios Assignment | Top Universities

Olongapo Sports Corporation distributes two premium golf balls-Flight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Product Flight Sure Dynamic Shot $750,000 $250,000 61% Total $1,000,000 Sales CM ratio 754 Fixed expenses total $588,500 per month. Required: 1. Prepare a contribution format income statement for the company as a whole. 2. What is the company’s break-even point … Continue reading Contribution Margin Ratios Assignment | Top Universities

Allowance for Doubtful Accounts Assignment | Top Universities

Question 9 View Policies Current Attempt in Progress When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would Have no effect on the allowance for doubtful accounts. Decrease the allowance for doubtful accounts. Increase the allowance for doubtful accounts. Increase in net income.Get Accounting Homework Help Today Dr. PeterTOP … Continue reading Allowance for Doubtful Accounts Assignment | Top Universities

International Accounting Standards Assignment | Top Universities

In a professional career, one may be called upon to conduct research and deliver findings in professional settings. As discussed in the text, the SEC is considering moving from GAAP to international accounting standards. Prepare a 10–12-slide PowerPoint presentation as if it will be presented to an audience of your peers. It should be a complete, polished artifact containing all of the main elements in … Continue reading International Accounting Standards Assignment | Top Universities

Installment Sale Assignment | Top Universities

Packard Corporation reported taxable income of $1,000,000 in 20X3 and paid federal income taxes of $340,000. Included in the taxable income computation was a dividend received a deduction of $5,000, a net capital loss carryover from 20×2 of $10,000 utilized in 20X3, and gain of $50,000 recognized on the collection of cash from an installment sale that took place in 20X1. The corporation’s current E&P … Continue reading Installment Sale Assignment | Top Universities

Tax Rates Assignment | Top Universities

Riverbend Inc. received a $282,500 dividend from stock it held in Hobble Corporation. Riverbend’s taxable income is $2,330,000 before deducting the dividends received deduction (DRD), a $69,000 NOL carryover, and a $101,000 charitable contribution. Use Exhibit 16-6. (Round your tax rates to 1 decimal place. Leave no answer blank. Enter zero if applicable.) a. What is Riverbend’s deductible DRD assuming it owns 10 percent of Hobble Corporation? … Continue reading Tax Rates Assignment | Top Universities

Account from Blue Company Assignment | Top Universities

Exercise 5-04 a-b (Part Level Submission) (Video) On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping point, terms 2/10, n/30. Crane pays the freight costs of $610 on June 11. Damaged goods totaling $350 are returned to Blue for credit on June 12. The fair value of these goods is $75. On June 19, Crane pays Blue Company … Continue reading Account from Blue Company Assignment | Top Universities

Profitability Assignment | Top Universities

Newman Furniture In April 2008, Newman Furniture, Inc. merged with Lea-Meadows, Inc., a manufacturer of upholstered furniture for living and family rooms. The merger was not planned in a conventional sense. Charles Yates’ Cather-in-law died suddenly in early February 2008, leaving his daughter (Charles’s wife) with controlling interest in Lea-Meadows. The merger proceeded smoothly since the two firms were located on adjacent properties and the … Continue reading Profitability Assignment | Top Universities

Plant Asset and Accumulated Depreciation Accounts Assignment | Top Universities

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances on December 31, 2020. Accumulated Depreciation Land Land improvements Building Equipment Automobiles Plant Asset 370,000 190,000 1,600,000 1,162,000 160.000 47.000 352.000 407.000 114,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment was purchased at a total invoice cost of $270,000, which included a $5,700 charge for freight. … Continue reading Plant Asset and Accumulated Depreciation Accounts Assignment | Top Universities

Savings Account Assignment | Top Universities

Anju started a savings account on December 1, 2014, with $1000. She added $1000 on July 1, 2016, and $1000 on December 1, 2018. How much is in her account on January 1, 2020, if her deposit earns 3% p.a. compounded monthly.Get Accounting Homework Help Today Dr. PeterTOP ACADEMIC WRITER He has decades of experience in the education field and has served in the examination … Continue reading Savings Account Assignment | Top Universities

Predetermined Overhead Rate Assignment | Top Universities

Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet accounts as of January 1, are given below. $ 70,000 109,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) $ 37,000 Videos in process 52, 300 Finished videos awaiting sale 88,000 Prepaid insurance Total current assets Studio and equipment … Continue reading Predetermined Overhead Rate Assignment | Top Universities

Job-Order Basis Assignment | Top Universities

The Omega Company manufactures customized motors on a job-order basis. Job 492 is an order for 100 units. It requires the following:​ direct materials $3,000 direct labor ($10/hr) 1,000 overhead (150% DL$) 1,500 ​ After inspection, 2 units required rework which required 8 additional direct labor hours and $60 of materials. If the rework is considered abnormal spoilage, what is the cost of job 492?Get … Continue reading Job-Order Basis Assignment | Top Universities